Brent crude oil hovers above support, copper price digs into support while silver price consolidates
Brent crude oil price hovers above support, copper price digs into support while silver price consolidates amid appreciating US dollar.
Brent crude oil price hovers above support
The Brent crude oil price hovers above its 73.985 to 73.725 support zone which has held since the beginning of the month.
Were it to give way, the next lower October to December lows at 70.705 to 70.23 may be revisited.
Minor resistance can be spotted between the 74.885 late January low and the 55-day simple moving average (SMA) at 75.47.
Brent crude oil daily chart
Silver price comes off recent high
The silver price comes off its mid-February 33.39 per troy ounce high, a rise above which would push the October peaks at 34.54 to 34.86 to the fore.
Minor support may be found between the 17 and 24 February lows at 32.09 to 31.91. Were it to give way, the 11 February low at 31.25 may be revisited.
Silver daily chart
Copper price weighs on key support
The copper price's swift decline from its 4.8368 mid-February high, a level last traded in May 2024, has taken it to its key 4.4983 to 4.3450 support zone.
It consists of the 10 October, November and January highs and as such may offer interim support. If not, the 21 October high at 4.4568 may be reached as well. Minor resistance sits at the 11 and 18 February lows at 4.5408 to 4.5430.
Copper daily chart
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
